(Kuala Lumpur, 21 July) Here’s a question most SME owners don’t think to ask: Who is actually lending me the money?
When you apply for financing with First N Ever Financial Services, you’re borrowing from a KPKT-licensed lender that has been operating in Malaysia for over 20 years. First N Ever has its own capital, its own lending policies, and its own track record.
When you apply through Fundaztic, you’re not borrowing from Fundaztic at all. You’re asking a crowd of individual and institutional investors on a P2P platform to fund your loan. Fundaztic simply connects you with them. Since its inception, Fundaztic has raised RM122 million in loans for SMEs.
This fundamental difference — lender vs platform — affects everything: who approves your loan, how much you pay in fees, what happens if you need flexibility, and who you’re actually accountable to. This article breaks down what this means for your SME financing decision.
Who You’re Borrowing From: A Licensed Lender vs a Crowd of Strangers
This is the most important distinction between First N Ever Financial Services and Fundaztic.
First N Ever Financial Services: A KPKT-Licensed Lender with Its Own Capital
First N Ever is a licensed money lender registered with KPKT, operating under the Moneylenders Act 1951 with over 20 years of experience. When First N Ever approves your loan, it lends you its own money. Your loan comes from First N Ever’s capital pool — not from external investors, not from a crowdfunding campaign, not from strangers on the internet.
This means you have a single, clear counterparty. You borrow from First N Ever. You repay First N Ever. If you have questions or issues, you deal with First N Ever. The relationship is direct, accountable, and regulated under Malaysia’s moneylending laws.
Fundaztic: A P2P Platform That Matches You with Investors
Fundaztic is a peer-to-peer (P2P) financing platform. It doesn’t lend you its own money — it connects you with investors who are willing to fund your loan. These investors can be individuals or institutions looking for returns on their capital. Fundaztic operates the platform, facilitates the matching, and takes a cut, but the money itself comes from the crowd.
Since its inception, Fundaztic has raised RM122 million in loans for SMEs. For each loan, multiple investors may contribute different amounts. You’re not borrowing from one lender — you’re borrowing from a collection of individuals who have each decided to fund a portion of your loan.
What this means for you:
With First N Ever, you borrow from a regulated institution with a 20-year track record. With Fundaztic, you borrow from a crowd of strangers who may have no relationship with you beyond this single transaction. One is a lender. The other is a matchmaker.
What You Pay: One Fee vs Origination Fees + Hidden Costs
The difference between “lender” and “platform” is nowhere more visible than in the fee structure.
First N Ever: Simple, Transparent, Predictable
First N Ever charges a straightforward fee structure:
- Interest: 12% to 18% p.a. (fixed rate)
- Stamp duty: 0.5% of the total loan amount
- Processing fee: As per the loan agreement (typically RM50 to RM200)
- Late penalty: 8% p.a. on the outstanding amount
No origination fees, advance monthly payment deductions. No application fees and “platform fees.” You know exactly what you’re paying from day one.
Fundaztic: Origination Fees, Application Fees, and First-Month Deductions
Fundaztic’s fee structure is more complex:
Origination Fee: 1% per year on the loan amount. For a RM100,000 loan over 3 years, that’s RM3,000 — deducted upfront before you receive any money. If you borrow RM100,000 for 1 year, the one-time fee is RM1,000. The origination fee is charged upfront and deducted from the funded amount before it’s transferred to you.
Application Fee: RM50 charged at the application stage.
First Month Payment Deduction: Fundaztic deducts the first month’s principal and interest payment before disbursing your loan. This means you receive less than you borrowed, but you still pay interest on the full amount.
Late Payment Penalty: 2% of the overdue payment, with a minimum of RM80 and maximum of RM250.
Stamp Duty: Waived until 31 December 2026.
What this means for you:
The same RM100,000 loan works very differently with each provider. With First N Ever, you receive close to the full amount minus 0.5% stamp duty and a small processing fee. With Fundaztic, you receive significantly less — the origination fee is deducted upfront, and the first month’s payment is withheld before you even see the money. You’re borrowing money you never actually receive, but you’re paying interest on it anyway.
Who Takes the Risk: A Licensed Lender vs Investors Who Can Say No
This is where the two models diverge most sharply in practice.
First N Ever: Internal Decision, Clear Rules
First N Ever’s approval process is internal and rule-based. Your application is assessed by experienced advisors using established criteria. If you meet the requirements, you get approved. The decision doesn’t depend on external factors like investor sentiment, market conditions, or whether strangers on a platform find your business appealing.
First N Ever has been in the Malaysian SME financing landscape for over 20 years, serving more than 12,000 SMEs. It has its own risk assessment framework, built on decades of experience with Malaysian businesses. The approval is a decision made by people who understand the local market.
Fundaztic: Market Matching, Subject to Investor Interest
Fundaztic’s model is different. Your loan application needs to be funded by investors on the platform. If investors don’t find your business attractive — whether because of your industry, your financials, or simply because they have other options — your loan may not be fully funded or may not be funded at all.
The platform’s financing range is RM20,000 to RM200,000 with repayment periods of 24 to 36 months. But these are only available if investors choose to back you. Fundaztic’s investors have their own criteria, their own risk appetites, and their own preferences. One investor might say yes, another might say no, and your loan depends on enough of them saying yes.
What this means for you:
With First N Ever, you get a decision from a licensed lender with a track record. With Fundaztic, you get a decision from the market — which can be unpredictable, especially during economic uncertainty or if your business doesn’t fit the profile investors are looking for. The platform’s interest rates also vary based on investor demand, ranging from 8.15% to 13.85%, reflecting this market-driven uncertainty.
Fundaztic has raised RM122 million in loans for SMEs since inception, demonstrating that many businesses do get funded. But success isn’t guaranteed — and that uncertainty is a risk you need to consider.
Which Model Fits Your Business?
| Comparison | First N Ever | Fundaztic |
|---|---|---|
| Who lends the money | First N Ever (its own capital) | Investors on P2P platform |
| Regulator | KPKT (Moneylenders Act 1951) | SC (P2P platform regulation) |
| Operating history | 20+ years | Since 2016 |
| Loan amount | RM5,000 – RM300,000 (Business: RM1,000,000+) | RM20,000 – RM200,000 |
| Interest rate | 12% – 18% p.a. (fixed) | 8.15% – 13.85% p.a. (market-driven) |
| Origination fee | None | 1% per year (deducted upfront) |
| Application fee | None | RM50 |
| First month deduction | None | Yes (deducted before disbursement) |
| Stamp duty | 0.5% | Waived until Dec 2026 |
| Late penalty | 8% p.a. | 2% (min RM80, max RM250) |
| Approval certainty | High (internal decision) | Medium (depends on investor interest) |
| Accountability | Direct (to First N Ever) | Indirect (to multiple investors) |
Choose First N Ever if:
- You want to borrow from a licensed lender with 20+ years of experience
- You prefer certainty — a decision from a lender, not from a crowd of strangers
- You want a simple, transparent fee structure with no origination fees or upfront deductions
- You need less than RM20,000 or more than RM200,000
- You value accountability — knowing exactly who you’re borrowing from and who to contact with questions
Choose Fundaztic if:
- You’re comfortable with market-driven financing that depends on investor interest
- You need RM20,000 to RM200,000
- The lower advertised interest rate (8.15%+) appeals to you
- You understand that the origination fee (1% per year) and first-month deduction will reduce your actual proceeds
- You’re comfortable with the P2P model and SC regulation
Select Your Financing Model Wisely
First N Ever Financial Services lends you its own money. Fundaztic matches you with strangers who may or may not fund your loan. One is a licensed lender with 20+ years of experience, simple fees, and a single accountable counterparty. The other is a platform where investors decide your fate. If you want certainty, transparency, and accountability, contact First N Ever Financial Services for a free consultation.
First N Ever Financial Services
Official Website：firstnevermalaysia.com
Business Loan Microsite：businessloan.firstnevermalaysia.com
Email：enquiry.firstnever@gmail.com
Adress：B26-3A, Tower B, Vertical Business Suite, Bangsar South, No. 8 Jalan Kerinchi, 59200 Kuala Lumpur